What's In The Financial Reform Bill?

Now that the Senate has passed the financial reform bill, it’s off to non-smoke-filled rooms, where it will go into a Blendtec with the version passed by the House last year. CNNMoney.com sifted through all 1,600 pages of the bill and came up with a handy cheat sheet explaining what’s actually likely to change when this thing becomes a law.

Here are some of the main points:

Dealing with ‘too big to fail’ firms: Creates a new process for unwinding big financial firms that reembles the powers that the Federal Deposit Insurance Corp. has to shut failing banks.

Breaking up banks: Gives regulators strengthened powers to break up financial companies that have grown too big and threaten to destabilize the financial system.

New oversight power: Creates a new oversight council that would look out for major problems at large financial firms. The Treasury Department gains a key role in enforcing tougher regulations on larger firms and watching for systemic risk. The council also has veto power over new rules proposed by new consumer regulator.

There’s a lot more, so be sure to check out the full list. Or go ahead and read all 1,600 pages, and let us know what you find.